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Elliman Report: Manhattan, Brooklyn & Queens Rentals 12-2016

MANHATTAN Manhattan net effective rents continue to slip as landlords expanded their use of concessions to protect face rent. Landlord concessions set a record 26.4%, the third in three consecutive months and more than double the share of the prior year. The net effective median rent, defined as the face rent less landlord concessions, did not rise for the fifth consecutive month, down a nominal 0.1% to $3,291 in December…

BROOKLYN Brooklyn rental price trends continued to soften as inventory expanded. Listing inventory increased 32.5% as the market share of landlord concessions more than doubled to 13.7%. Median net effective rent drifted lower on a year over year basis for the third consecutive month and the fifth time in the past six months. Median face rent declined 3.8% to $2,700 from the same period last year. While all size categories reflected year over year declines in median rent, larger declines were observed in the larger sized apartments on a year over year basis…

QUEENS (NW) The northwest Queens rental market, including the neighborhoods of Long Island City, Astoria, Sunnyside and Woodside, showed double-digit price increases as the market remained heavily influenced by influx of new development apartments. Median rental price increased 11.7% to $2,850 from the same period last year. This was only the sixth increase in twelve months and illustrated the choppy trends of a market moving sideways over the past year…

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